The rising demand for electric vehicles during the forecast period expected to drive the demand for Antimony in the global market with the lucrative growth rate.
The increasing trend & interest in electric vehicles is due to expanding natural concerns and the spotlight on lowering fuel use—besides, increasing demand for environment-friendly vehicles. Diseases caused by air and water pollution are epidemic among minorities creating demand & witness growth of EV in upcoming years. Lead-acid batteries structure an essential piece of electric vehicles and generally use Antimony in these batteries.
Stringent legal frameworks and industry standards strongly influence the production of flame retardants. Fire safety regulations are becoming strict around the globe, leading to innovative flame retardants being developed. Fire safety regulations vary across regions, depending on the corresponding national health and environmental safety regulations. Such regulations are particularly stringent in Europe and North America and will drive lucrative growth in the antimony market during the forecast period. Besides, macroeconomic factors such as GDP growth and the difference in purchasing power are important drivers of the antimony market.
Increasing Usage in Fiberglass Composites Application contributing to a significant growth rate in global antimony market during the forecast period
In current trend antimony used as an additive to fiberglass composites, these compounds are added directly to the resin and spread through standard mixing machines. Resin combined with Antimony often stirred to keep the products well balanced. Antimony is commonly used because of its properties, which are better heat-resistant and chemical-resistant. The market for fiberglass composites is expected to grow at a fast pace and indirectly drive the growth trend of the antimony market across the globe. Composites are rapidly replacing all conventional materials in many applications, such as aerospace, automobiles, construction, electrical, and electronics, due to their high strength, low cost, easy processability, and availability in various forms and shapes with excellent aesthetics.
China is expected to witness lucrative demand in the Asia-Pacific region
Geographically antimony market segmented into the field of North America, Europe, Asia-Pacific, Latin America & Middle East & Africa. The Asia Pacific, the leading antimony producers are China, Australia, Tajikistan, and Myanmar. China comes out as an effective antimony exporter. Shipments of Antimony from China sometimes delayed due to strict export control across the border with Vietnam. The geopolitical situation along China and Vietnam's borders also contributes to the shutdown of exports of Antimony at the Vietnam-China border. Electronic products have the highest growth in the consumer electronics market, such as smartphones, OLED TVs, laptops, etc. As the middle-class population's disposable income rises, demand for electronic products is projected to grow in the near future, boosting the country's antimony sector. The region's market is driven by the high demand in applications for flame retardants, plastic additives, and lead-acid car batteries. China has the largest antimony reserves
Health effects associated with exposure to Antimony expected to hamper the market growth with a considerable rate in upcoming years
The adverse health impact associated with antimony toxicity, such as health risks includes lung cancer, skin irriation, and difficulty breathing, among others, are one big obstacle for the global antimony market. Strict government regulations are the product of the factor mentioned above, and this also affects the overall demand for Antimony.